For many people, Florida is the ideal place to own a vacation home. With warm weather year-round and endless waterfront areas to choose from, there are a number of ways to score the perfect second home in the Sunshine State.
Furthermore, with the cost of real estate rising, owning a home in Florida could become an excellent investment and asset down the road. So, how do you get started with buying a Florida vacation home? Read on to find out.
1. Tour the state
A good way to get to know the diverse locations in the large state of Florida is to plan a vacation (or two) during which you travel some of the areas you’re considering.
Many people who buy vacation properties in Florida buy in the area that they’ve grown to love. And while that’s an excellent way to ensure you’ll love your home, you might be missing out on areas that you like even more.
3. What are you really looking for in a home?
Having priorities when home shopping is important, even if it’s your second home. If your top priority is to have a solid investment, then you might be okay if the house isn’t near your favorite golf course or restaurant.
However, if your home is all about having a place to relax, you might choose amenities over resale value.
2. Have a plan if you want to rent your home
Many people buy second homes in Florida as a way to earn income while they aren’t using the property. However, renting out a home comes with considerable responsibility. As a property manager, you’ll need to maintain the property and be available when something goes awry. Those expenses can add up easily.
Similarly, some communities have rules around renting out your property, so ensure you’re allowed to rent your property before closing on the house.
3. Don’t rush your purchase
You already have your own home, so you don’t need to worry about having a roof over your head. Wait it out and make sure you find the best home for the best price.
4. Learn the market
Home prices in Florida can vary drastically depending on location. Median prices in Miami Beach are around $500,000, whereas Sarasota prices hover around $270,000 or nearly half the cost.
5. Consider buying with others
If you want to buy a second home in Florida but are turned off by the prices, sharing the property could be a good alternative. However, just like renting an apartment with friends, difficulties can arise.
To avoid conflict or financial headaches, make sure you have an agreed upon plan for situations that might come up, such as:
Determining who gets the house during which weeks out of the year
Deciding how the costs will be split
Decide what will happen if someone wants out of the contract
6. Use an experienced agent
When you’re buying a house in an area you’re not familiar with, and where you can’t be at all times, it pays to have boots on the ground who you can trust. A real estate agent will be able to ensure things go smoothly for you so that your house is ready when you arrive to seal the deal.
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